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Daily Interest
Interest calculation method where interest is calculated daily on the principal amount, either leading to faster growth in savings accounts or quicker payoff in loans.
Simple Interest
A method of calculating interest where the interest charge is computed only on the principal amount and not on the interest that has accumulated.
Savings Account
A bank account where money is deposited for safekeeping, which earns interest over time.
Simple Interest
Interest calculated on the principal portion of a loan or deposit without compounding.
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